Healthcare: Devices & Equipment

Hanford Pharmaceuticals (cephalosporin finishing facility)

Western Reserve acted as exclusive financial advisor to the G.C. Hanford Manufacturing Co. (d/b/a Hanford Pharmaceuticals) in the divestiture of its cephalosporin finishing facility to Steri-Pharma LLC.

Founded by George C. Hanford in 1846 and based in Syracuse, New York, Hanford Pharmaceuticals is the only U.S.-based independent contract antibiotic finisher, specializing in the sterile filling of injectable antibiotics. The company also fills proprietary veterinary products and provides ancillary product development and support services for its customers.

Western Reserve was engaged by the Board of Directors to assist them in exploring strategic alternatives that would strengthen Hanford’s financial position and achieve long-term value for the business and shareholders. After several rounds of preliminary discussions with certain strategic parties, the Company elected to pursue a sale of its cephalosporin finishing facility to Steri-Pharma LLC, a Paramus, New Jersey-based sterile pharmaceutical finisher. Steri-Pharma is a subsidiary of ACS Dobfar spa, a top five producer and exporter of bulk cephalosporins and penicillins. Proceeds from the divestiture were used to pay down Hanford’s debt and reinvest in the remaining business.

George W. Hanford, Chief Executive Officer of Hanford, said, “Western Reserve did an outstanding job of evaluating our alternatives and advising us through all stages of the transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

Invacare Corporation

Healthcare: Devices & Equipment

Manufacturer of wheelchairs and home medical equipment

$100 million placement of senior notes

Organichem Inc.

Healthcare: Devices & Equipment

Manufacturer of pharmaceuticals

Undisclosed placement of private equity

Robbins & Meyers Inc.

Healthcare: Devices & Equipment

Supplier of equipment and systems to pharmaceutical, energy and industrial markets

$50 million follow-on offering of common stock

Simbionix USA Corporation

Healthcare: Devices & Equipment

Provider of virtual reality simulation products for the medical industry

Simbionix USA Corporation

Western Reserve acted as exclusive financial advisor to Simbionix USA Corporation in its September 2008 $7 million private placement of Series C Convertible Preferred Stock. The lead investor was River Cities Capital Funds, and co-investors included Early Stage Partners LLC, a current Simbionix shareholder.

Simbionix, headquartered in Cleveland, Ohio, is the world’s leading provider of innovative and effective virtual reality simulation products and solutions for clinical education and training of medical professionals. The company’s products, which are protected by 20 global patents and pending and provisional applications, accelerate best-practice medical training, advance clinical performance and improve patient safety. In addition to its Cleveland operations, Simbionix has a world-class R&D facility in Lod, Israel and e-learning operations in Denver, Colorado.

River Cities Capital Funds, based in Cincinnati, Ohio, is one of the most active and experienced venture funds investing in the Midwest and Southeastern U.S. Early Stage Partners, based in Cleveland, Ohio, provides venture capital financing to the Midwest’s most promising early stage technology companies.

Simbionix Chief Executive Officer Gary Zamler said, “We cannot be more pleased with Western Reserve’s thoughtful advice in structuring the transaction and best approach to the market. Their effort in arranging this financing in a very difficult market was outstanding. We look forward to a long relationship with Western Reserve as we execute our strategic plan.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

Healthcare: Devices & Equipment

SolmeteX, a division of Layne Christensen Company

Western Reserve acted as exclusive investment banker to Layne Christensen Company (NASDAQ:LAYN) in the divestiture of its SolmeteX division to Gemini Investors, Riveria Investment Group and the management team of SolmeteX.

SolmeteX provides dental amalgam separator devices and amalgam recycling services to the dental industry, which are highly regarded as the best solution for regulatory compliance. SolmeteX is widely recognized as the single trusted source for comprehensive environmental solutions for dental waste needs.

Layne Christensen is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources — water, mineral and energy. The company offers innovative, sustainable products and services with an enduring commitment to safety, excellence and integrity.

Founded in 1993, Gemini is a private equity firm that invests in companies between $5 and $50 million in sales, either looking for growth capital or pursing a recapitalization. Since its inception, the firm has invested approximately $500 million in more than 100 companies throughout the U.S., typically investing $3 – $8 million per transaction in either control or minority positions.

Founded in 2011, Riveria is a private investment group with offices in Washington D.C and New York. Riveria primarily focuses on growing companies with a history of positive operating cash-flows and seeks transactions that present unique investment opportunities in industries experiencing significant growth. Riveria’s private equity efforts emphasize growth and value-added strategies to generate strong returns. The investment in SolmeteX represents Riveria’s 6th investment since inception.

Nick Mozzicato, SolmeteX’s President said, “I believe SolmeteX’s potential is significant. We’re approaching a critical phase in the growth of our company, and Gemini and Riveria are the right partners to help us execute on our strategy. Western Reserve did a superb job representing SolmeteX and Layne, and their understanding of the business and industry was critical to a successful transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

Healthcare: Devices & Equipment

SolmeteX, Inc.

Western Reserve acted as exclusive financial advisor to SolmeteX, Inc. in its sale to Layne Christensen Company.

Founded in 1994 and based in Northborough, Massachusetts, SolmeteX has emerged as an innovator and developer of specialized chemistries, technologies and processes that cost-effectively remove toxins from drinking water and wastewater. Its impressive technology portfolio positions it as a market leader in one of the fastest-growing industries today. SolmeteX’s products include its Hg5® Series of Amalgam Separators used for dental mercury removal and its npXtra™ series of products used for arsenic and uranium removal.

SolmeteX’s shareholders decided to explore the sale of the company to gain liquidity while ensuring a buyer would support the company’s growth strategy. SolmeteX retained Western Reserve to assist in the sale of the business, and after a competitive process, Layne Christensen Company successfully acquired the company in November 2007.

Based in Mission Woods, Kansas, Layne Christensen’s Water Resources Division provides a full line of water-related services and products, including hydrological studies, site selection, well design, drilling and well development, pump installation, and repair and maintenance. SolmeteX operates as a wholly owned subsidiary of Layne Christensen, led by SolmeteX’s Chief Executive Officer, Owen Boyd, and President, Nick Mozzicato.

Jeffrey Fehn, a former Director of SolmeteX, said, “The Western Reserve team did a superb job advising our board of directors and working closely with the management team to structure a transaction that we are all very pleased with. They were very ‘hands-on’ throughout the transaction, and we benefited from their creativity and attention to detail in leading the deal team and structuring the transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

Steris Corporation

Healthcare: Devices & Equipment

Manufacturer of sterile processing systems

Acquired: American Sterilizer Company (Pittsburgh, PA)

Steris Corporation

Healthcare: Devices & Equipment

Manufacturer of sterile processing systems

$13 million initial public offering of common stock

Tyco International Ltd.

Healthcare: Devices & Equipment

Multi-national group of companies active in healthcare, flow control, security, telecommunications and electronics

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WESTERN RESERVE PARTNERS, a division of Citizens Capital Markets, Inc., provides M&A, capital raising and other financial advisory services to middle market companies across a focused set of industry verticals. We deliver thoughtful advice, keen market insight and superior execution to our clients, both nationally and internationally, and our managing directors average nearly 30 years of experience and have directly executed more than 600 transactions throughout their careers.

Western Reserve Partners is a part of Citizens Financial Group, one of the oldest and largest financial institutions in the U.S. Also, as a member of Oaklins, the world’s most experienced mid-market M&A advisory organization, Western Reserve Partners has unparalleled access to global companies and investors.